UBS AG, one of the hardest hit banks in the global financial crisis, Tuesday confirmed that it made a net loss for the first quarter, illustrating that it continues to struggle with write-downs even as rivals show signs of business picking up.

The Zurich-based bank said its net loss for the three months was 2 billion Swiss francs ($1.77 billion), compared with an CHF11.62 billion net loss a year earlier, and cautioned that it may have to hike credit provisioning in coming quarters.